Personal Loans

Personal loans, also known as unsecured signature loans, require no collateral. They can be used for many reasons and are often more flexible than other types of loans. A range of loan amounts and terms are available. Read on to see if a Cobalt Credit Union personal loan is right for you.

Apply for a personal loan

*Annual Percentage Rate. Rate current as of August 17, 2023. Current rates range from 9.74% to 16.99% APR based on credit review and the term of the loan. Minimum loan amount is $1,000 and maximum amount is $30,000. Terms range from 12 months to 60 months. No prepayment penalty. Late charges are 5.00% of the payment due or $5.00, whichever is greater, subject to a maximum $30.00 late fee. Offer good on new loans or refinancing of current loans with an additional $1,000 added. Payment example: The monthly payment, without debt protection, for a 24-month term with a 7.49% APR, is approximately $45.27 for every $1,000.00 borrowed. This example does not include the $40 processing fee which will be added to the overall loan amount. All loans are subject to approval. 

Learn about personal loans:

How it works  |  How to apply  |  Amounts & Terms

Check Rates

How a Personal Loan Works


When you apply for a personal loan, you may be asked to specify the purpose of the loan to make sure that it conforms to our lending requirements. For example, other loans such as student loans or mortgages are for specific purposes. You must abide by the terms of use for those loans. With a credit union personal loan, no collateral is required and you have more freedom to use the loan for a variety of purposes. Sometimes a personal loan is referred to as an unsecured signature loan which means no collateral is needed.


Personal loans can be used for many things including:

  • Debt consolidation of other loans or credit cards
  • Emergency expenses

  • Home renovations
  • Major life events like a wedding
  • Even a special vacation 

To learn more, read our blog on Personal Loans 101


Back to Top     Check Rates

How to Apply for a Personal Loan


Applying for a personal loan requires running a credit report and getting your credit score. If you want to find out more about credit scores, visit our blog Credit Scores: A Digital Finger on Your Financial Pulse.


Loans are subject to credit approval and your ability to repay. Your interest rate for the loan will be determined upon term, loan-to-value ratio, and credit score.


Cobalt Credit Union also offers a debt protection plan with your personal loan in the event of death, disability or involuntary unemployment. Contact a Cobalt representative for more details.


Back to Top     Check Rates

Personal Loan Amounts and Terms


Personal loan amounts are available from $500 to $20,000. Available terms include 1 year loans to 5 year loans and we don’t charge a fee if you pay off your loan early. So there are no prepayment penalties if you decide to pay off your loan faster than your payment schedule which saves you interest in the long run.


Back to Top     Check Rates



To learn more about loans and other money management topics, visit our Financial Education page.